record the recipet of 13000 cash from the loan on july 1 2023, the accrual of intrest on dec 31 2023 the first installment of payment on june 30 2024 and the accrual of intrest on dec 31 2024

Current Attempt in Progress On July 1, 2023, Blossom Ltd. received a loan from its bank for $13,000 bearing interest at 5%. The loan is payable in two annual instalments of $6,991 principal and interest on June 30 each year. The company records adjusting journal entries annually at year end on December 31